Matching
For each of the following situations, select the best answer concerning accounting for foreign currency transactions:
Premises:
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Responses:
Results in a foreign exchange loss.
No foreign exchange gain or loss.
Results in a foreign exchange gain.
Correct Answer:
Premises:
Responses:
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Premises:
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer depreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer appreciates.
Import purchase by a U.S. company denominated in foreign currency, foreign currency of buyer depreciates.
Export sale by a U.S. company denominated in dollars, foreign currency of buyer appreciates.
Responses:
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